Australia's ANZ Bank to Cut 3,500 Jobs in A$560 Million Restructure
By Stuart Condie
SYDNEY--ANZ Group will cut more than 8% of its workforce and record almost US$370 million in costs as Australia's fourth-largest bank restructures under its new chief executive.
ANZ on Tuesday said that it expects about 3,500 employees to leave by the end of this month. It said it will also reduce its reliance on consultants and other third-party hires, a move that will affect another 1,000 contractors.
The bank, which is the country's fourth-largest by market capitalization, will record a restructuring charge of about 560 million Australian dollars, or US$369 million, in its accounts for the six months through September.
"We are eliminating duplication and complexity, stopping work that doesn't support our priorities, and sharpening our focus on improving our non-financial risk-management practices," said Chief Executive Nuno Matos, who took charge in May.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
September 08, 2025 19:12 ET (23:12 GMT)
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